Are You Facing Foreclosure?

May 22, 2012

To "Foreclose" in the original sense means "bar someone from redeeming a mortgage". It means to stop, prevent, rule out or prevent a course of action, in this case, prevent the mortgagee (home owner) from redeeming (making good) his mortgage and take possession of the mortgaged property. The word comes from Latin "for" meaning in this case "out" plus "clore" to close. This is a right that is stripped from the homeowner in favor of the lender, then and only then can the lender take possession of the homeowner's property. In other words, the homeowner has the right to make...

How You Can Sell Your Property Faster

March 20, 2012

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Theoretically we all have access to properties being sold thanks to the Internet. In addition there are real estate companies who for a small fee, offer to do all the paperwork and you therefore "save" on the commission that otherwise would go to a real estate agent. There is also a very famous real estate website which offers to rebate 40% or more of the commission back to you via a discount. It seems as if it is just a matter of finding the property you like then buying it. It seems as if technology has made human assistance unnecessary....

Price, Value & Affordability –What You Need to Know

May 18, 2011

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These words do not mean the same, they are related but they refer to very different aspects of the real estate transaction, or any transaction for that matter. Price is simply the amount in dollars that a piece of real estate is being sold for. Price by itself usually does not mean much, example: I am selling you this pen for $50 dollars. Value, on the other hand, is the relative worth to you or others of a particular good, service or piece of real estate. Value & price are not proportional, meaning the increase of one does not necessarily...

What You Need to Know to Get your Offer Accepted by the Bank

May 17, 2011

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Most Buyers believe that if the property is distressed or in a short sale, they then would have the most chances of their offer being accepted, since the bank is “distressed” or wants to sell fast. However, it works totally in reverse, on a short sale or distress situation, the Buyer has the least flexibility and the least leverage when presenting an offer. In many occasions they don’t even have a second chance! Meaning they are not even countered by the bank. The property is distressed NOT the bank! Remember the legal definition of distressed property, “the legal seizure of...

Why a Short Sale is a Better Deal Than a Foreclosure?

May 17, 2011

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Short sales are a great deal when they are approved. A short sale means that the bank has given permission to the owner to sell his/her property for less than what is owed. To see a thorough explanation of how short sales work and how to do one follow this link. The problem is it takes several months for the bank to grant this permission, in the meantime you have to wait and there are no guarantees that the bank will approve the sale. Buyers think logically, it benefits the bank to sell on a short sale since they get...

The Hidden Side of Distressed or Foreclosed Homes

May 17, 2011

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A distressed property is what is known as a "foreclosed" property. In this case the term "distressed" does not carry its regular meaning of "great pain or sorrow", "misfortune", "difficult situation". When we talk about a "distressed" property, the bank is using a specific legal definition. According to The World Book Dictionary, the word “distress” on its legal definition means “the legal seizure of the goods of another as payment for debt”. A distressed property, also known as a foreclosed property, is a home that has been or is about to be seized by a bank because the homeowner defaulted...

Tag: foreclosure